9) Which contract provision makes previous promises null and void? a. close a) Estate For Years b) Estate At Will c) Estate At Sufferance d) Estate At Order. 8) Landlord Frank terminated Jerry's lease because gross sales did not meet expectations. c) is not a binding contract upon agreement. 12) Paul will get the second quarter water bill at the end of June. The owner told the broker during the listing negotiations that he wanted $138,000 for the property, and anything above that amount the broker could keep as commission. b) The buyer's agent tells the seller's agent. d) were paid in advance. c. Relationship commitment a) Receipt b) Buyer's Statement c) Purchase Offer d) An Agreement. b) Private mortgage insurance is available for FHA loans. D. Buyers must receive the completed disclosure report no later than the beginning of the due diligence period. D) differentiable a) Accounts Payable b) Accounts Receivable c) Impound Account d) Forward Account. The buyers love the landscaping improvements the sellers have made. A) demographic variables When you receive an offer on a listing for less than asking price, you should not: Study the other terms of the offer so that you can maximize the offers benefits and minimize the lower price. 5) Which statement is true about accepting referral fees? Comment on any similarities or differences present. b) If the party who has reason to disaffirm the contract elects instead to perform it. The difference in assessed fees is about $4,000 . c) Arbitrate prior to taking court action. share plus a$100 brokerage fee. E) operating variables, Answer: E A potential buyer can make an issue a material fact by asking about or expressing their intentions. If firms offer differentiated products, thenbuyers have increased power.B. An exclusive agency agreement differs from an exclusive right to sell agreement because under an exclusive agency agreement the firm is not paid if the seller finds a buyer on their own. (Assume it is not a leap year and the day of closing belongs to the seller. The agent is A) required to disclose the information because it is a material fact important to the seller. They do not try to get a loan, and when the deadline for loan approval draws near, they tell their agent they couldn't get a loan. AACSB: Reflective thinking, 15) If a marketer is seeking to segment a business market, which of the following variables is generally felt to be the most important? a) will be paid in arrears. c) It's still an offer. E) actionable, Answer: B AACSB: Analytical thinking, 16) Urgency, specific application, and size of order are examples of ________ segmentation variables for business markets. e. (b) and (c) only. 5) What is the purpose of the Statute of Frauds? b) title insurance. Two hours later, the buyer finds a better house, calls the first seller, and withdraws the offer. c) when the loan-to-value ratio reaches 78 percent. Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. a) Revolving Lease b) Wholesale Lease c) Index Lease d) Leading Indicator Lease. Which of the following statements are true? C) situational factors D) user status C) differentiated b) Select a specific, limited course of action for recouping their losses. Each of their payments is for the same amount B. C) operating variables &&\underline{\underline{\$ 93,400}}&\underline{\underline{\$ 93,400}} The listing agreement must be in writing at the time of the listing and the buyer brokerage agreement must be in writing prior to the submission of the buyer's offer. b) via handwritten notes. What should Jake do? c) have more paperwork than government-backed loans. Which of the following are goals of customer relationship management (CRM)? B) not required to disclose the information because the seller might reject the offer. 10) Which statement about prorated items is TRUE? LO: 6.1: In what ways can a company divide a consumer or business market into segments? a) a survey of the property. A The buyer has the right to inspect the goods only if the buyer purchases them on layaway. d. all of the above c) A chronology of successive owners of record of a parcel of real estate. With respect to consumer decision roles, which role is Dennis currently playing? Product quality. A) measurable This is an example of ________. D) market specialization a) Open b) Balloon c) Fully Amortized d) Retraced. 9) What is the real estate transfer tax based on? Diff: 2 e. interfirm cooperation. The buyers family is pressuring them to purchase this home. 1) Proof of ownership of a property is called what? a) This action is perfectly legal in New York. 4) A contract that conveys an interest in real estate must. d) provide a fixed interest rate for the life of the loan. What type of loan does Jim hold? This is an opportunity to assure the sellers that these buyers will appreciate and care for the home. b) credits to the seller. a) both an instrument of conveyance and a contract. d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. b) A certificate issued by a HUD that indicates that the building is in proper condition to be occupied. e. none of the above, Rather than adopting the approach of "one design fits all," the astute marketer matches the strategy to the product and market conditions that surround a particular relationship. b) All parties to the contact must initial the changes. 2. D) differentiable a) prepaid expenses. B) differentiated 3) How might a voidable contract become valid? Even without a buyer's commitment, a sale can take place. b. Collaborative relationships are less likely to involve operational linkages between the buying and selling firms. b) It could be a violation of state licensing laws. e. (a) and (c) only, Business marketing relationships vary in terms of their closeness or degree of collaboration. All of the following will automatically terminate a residential agreement EXCEPT: C. death of the listing broker who works at a large residential firm with many agents, death of the listing broker who works at a large residential firm with many anents. 10 of 10 All of the following are true statements about goals except which one? Answer: A B) flexible market b) This mortgage type is popular among the elderly. To sell to manufacturers, marketers need to understand important characteristics of those firms. B) It automatically binds the owner, the broker, and the MLS to its agreed provisions. 9) Bill has informed his landlord that he will be moving in 30 days. 11) If a seller prepaid an insurance policy of $2,100 and the closing is set for March 15, using the 12-month/30-day method, what will the buyer owe the seller? d) Designed for law clients who are unable to get reimbursement from their lawyer who has caused them loss. The history of the listing activities, information about the buyers and then the offer itself. E) Their needs are usually harder to define than for final consumers. B) It diversifies the firm's risk. b. directly assist customers with planning and strategy development. d. is not required if the firms are in an arms-length relationship D) personal characteristics c) reduce the interest rate by 1/2 percent every 5 years. b) 5 percent of the loan amount. 11) Which of the following is not true about reverse annuity mortgages? Which statement is TRUE? b) neither an instrument of conveyance nor contract. Buyers hire an agent to help them purchase a home and want seller financing because they filed for bankruptcy two years ago. d. commission. The buyers are interested in another property. What can be said about Norm's actions? 70) Which of the following best represents the chief advantage of pursuing a strategy of multiple segment specialization? a) Interest Only b) Balloon c) Amortized d) Adjustable rate. Having strong relationships with customers can be hard for competitors to understand or duplicate. a) Wraparound Loan b) Bridge Loan c) Swing Loan d) Ancillary Loan. 12) Where on the Uniform Settlement Statement will you find the information that deals with the buyer's side of the transaction? Diff: 3 Which of the following performance attributes has research recently shown influences customer satisfaction of business buyers? c) a promise note. A valid listing agreement may be terminated for any of the following reasons, EXCEPT: A. sale of the property B. expiration of the individual listing agent's license C. agreement of the parties D. destruction of the premises expiration of the individual listing agent's license The buyers are interested in another property. c) Sara can use a binder but not a sales contract. 6) Mark earns $185,000 a year and he pays $2,200 per month for a rent-stabilized apartment. a. economic c) include all outstanding liens against the property. c) The escrow agent will subtract the seller_s total debits from the total credits and arrive at what the seller will receive at closing. The rate of commission to be lawfully charged in a real estate transaction is set by: #12. operations. At this point, assuming all other contract validity items are in order, what is the status of the offer? a) Backload loan b) Balloon c) Amortized d) Term mortgage, 6) An interest-only loan might be a good choice. 2) If an attorney make changes to an offer, what action should follow? Which of the following is TRUE? B) mass LO: 6.1: In what ways can a company divide a consumer or business market into segments? b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. a) Mager Clause b) Merger Clause c) Rescind Clause d) Vacant Clause. Present the $208,000 offer and the $200,000 offer together at the same presentation meeting. Which of the following is true regarding the Residential Property and Owner's Association Disclosure Statement? AACSB: Reflective thinking, 66) General Motors, a leading American multinational automaker, sells cars for every purpose, budget, and personality. 7) What kind of lease contains a recapture clause? Is Biden Raising Mortgage Payments for People with Good Credit? 8) What is used to seal a binder agreement? Starting in May, homebuyers with a good credit score could see their monthly mortgage payment rise while. D) accessible A company reports pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only$7 million. Diff: 3 a) A listing agreement b) A personal services agreement c) A sale contract d) An option to buy. C) purchasing approaches A counteroffer by a seller to a buyer turns the seller from offeree to offeror. a) It's an accepted offer; therefore a valid contract. C firms that sell differentiated products often have - Course Hero A) It obligates the seller to transfer the property if the broker procures a ready, willing, and able buyer. d) reduces the monthly payment for a borrower during the initial years. Which statement is TRUE? d. intend to move each partner toward the attainment of some long-term strategic goal. a) Apportionments b) Debits & Credits c) Terms of Payment d) Exclusions. D) segment "acid test" c) A chronology of successive owners of record of a parcel of real estate. b) Norm can complete the lease agreements as long as he has a lawyer co-sign them. d. Neither (a) nor (b) is true. In which situation would Sam not owe a commission to EX Realty? b) It's an invalid contract. a) both an instrument of conveyance and a contract. LO: 6.2: How should a company choose the most attractive target markets? B) selective specialization d) require higher down payments than government-backed loans require. c) implied contract. B) product innovation C) Small manufacturers tend to have formal buying procedures and guidelines. Net listings are legal, but they are discouraged by the real estate commission due to their potential for taking advantage of a client. A) situational factors c. b) It requires certain conveyance-related contracts to be in writing. a) Fixed b) Straight c) Amortized d) Open. a) He has provided an advance order of moving. A buyer representation agreement is employed contract between a buyer and a broker .it is a single agency agreement in which the broker agrees to represent a buyer in purchasing property Click the card to flip 1 / 44 Flashcards Learn Test Match Created by gowergurl Terms in this set (44) a. #11. a. 6) Broker Amanda prepares a sales contract, collects the earnest money and deposits it in her business account. a) Title fees b) Taxes c) Rent d) Utilities. B) segment identification E) short-term segmentation, Answer: A C) It obligates the broker to work diligently for both the seller and the buyer. b) every three years. d) If the party who wants to enforce the contract seeks damages. d) pay the purchase price for the property. (a manufacturer). b. distant \text { Name } & \text { Number of Shares } & \text { Total Cost } & \text { Total Fair Value } \\ b) will be a credit to the buyer. 3) Which of the following persons may, but is not required to, attend a closing? Last year his rent went up 4% based on a 4% increase in the wholesale price index. A. this form must be provided to the purchaser by a seller who is selling his own property without the assistance from a real estate broker, B. in the event a seller does not provide the purchaser with this form by the date of the first offer, the transaction is automatically terminated by law, C. if the seller does not provide the purchaser with a copy of this form by the date of the offer, the buyer is automatically entitled to a refund of his earnest money deposit, D. this form is required to be provided by the seller in the sale of new construction that has been used as a model home but has not been occupied as a personal residence, this form must be provided to the purchaser by a seller who is selling his own property without the assistance from a real estate broker. a. the range of relationship strategies (from transactional to collaborative) that are pursued by competing firms. a) Fee for clearing the title b) Mortgage recording fee c) Homeowner's insurance d) Title search. For example, ________ can show the firm which brands are most competitive with its own. Notification is the delivery of a signed copy of the acceptance to the offeror. c) It nullifies oral leases and listing agreements. 5. a) To make a down payment on a motor home, a) Preservation and Maintenance of Property. 3) Which statement best defines the concept of "quiet enjoyment? E) horizontal market, Answer: B C) accessible Diff: 3 c) record the transaction. D) segmented _____ centers on all activities directed toward establishing, developing, and maintaining successful exchanges with customers and other constituents. d) Mark can be evicted. E) The most attractive segment is one in which entry barriers are low and exit barriers are high. This action is based on which mortgage feature? Regardless of how the seller completes the form, the licensee has a duty to disclose all material facts so the liability rests with the listing agent. c) He has given due process. c. are one-time exchanges of value between two parties with no prior or subsequent interaction. a) Allowance Clause b) Passage Clause c) Demise Clause d) Demising Clause. Diff: 3 d) The broker finds out from the lender and tells the sellers. d. all of the above LO: 6.2: How should a company choose the most attractive target markets? d) The landlord cancels the lease. Question: 1. What action has Fred taken? LO: 6.1: In what ways can a company divide a consumer or business market into segments? a. 14) In an effort to make it possible for veterans returning from World War II to purchase a home, the Veterans Administration offered the opportunity for veterans to purchase a home with. LO: 6.3: What are the different levels of market segmentation? c. Competitive exchanges c. Achieving customer retention. d. all of the above A counteroffer can give the buyers an out if they want one. b. Solidarity Diff: 2 c) The sellers must give them an extension to secure the loan. d) Brokers are allowed to complete any lease, provided all parties agree. a) for a buyer who plans to own the property for a short time and believes the property will appreciate during that time. a) Good Faith Estimate b) Truth-in-Lending Statement c) HUD-1 Form d) Mortgage Loan Disclosure Statement. d) The original offer is legally terminated. a. Whether working with a client or a customer a licensee has a duty to disclose all material facts. LO: 6.3: What are the different levels of market segmentation? a) Preservation and Repair of Property b) Preservation and Maintenance of Property c) Property Order d) Borrower's Duties. E) actionable, Answer: D 1) In the event of default by the purchaser, the lender has the right to bring legal action through the courts to satisfy the debt. Why is it important to talk to the sellers about the buyers? E) gatekeeper, Answer: A a) legal. c. liquidated damages. a) Use of the Premises b) Property Order c) Location Use d) Property Regulations, 6) In New York City, the maximum base rent (MBR) system allows for rent to be adjusted. Biden Raises Costs for Homebuyers With Good Credit to Help - Newsweek b) A tenant buys the landlord's ground, then leases the improvements. 7) Which kind of lease increases at specified intervals? b. They have the right to review the completed settlement statement how long before closing? If the closing is set for October 15, using the 365-day method, how much of the taxes will be credited to the buyer? a) Judicial Foreclosure b) Mortgage Foreclosure c) Short-Sale Foreclosure d) Lien Foreclosure. 1) What is another term used to describe a promissory note? 5) In which provision would a landlord describe what activities can take place on the property? LO: 6.1: In what ways can a company divide a consumer or business market into segments? _____ involves a partner's belief that an ongoing relationship is so important that it deserves maximum efforts to maintain it. Browse over 1 million classes created by top students, professors, publishers, and experts. b) Only attorneys can hold and deposit earnest money. a) They are always a credit to the seller and a debit to the buyer. a) The landlord sells the ground to another, then leases it back. A) It involves changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market. c) The escrow agent will subtract the seller_s total debits from the total credits and arrive at what the seller will receive at closing. C) segment profitability AACSB: Analytical thinking, 65) In ________ marketing, the firm operates in several market segments and designs different products for each segment. Present the $200,000 first and recommend rejection. a) All parties to the contact must sign the changes. d) closing insurance. Diff: 2 c. A strategic alliance 5) Which aspect of a contract deals with when a tenant takes possession of the property? What type of loan is Steve getting? What type of lease does Jim have? B) segment attractiveness 7) The fact that Honda described its boxy Element as a "dorm room on wheels," but then attracted so many baby boomers that the average age of the Element turned out to be 42 illustrates what quality of baby boomers? a) voidable. b. AACSB: Analytical thinking; Application of knowledge, 67) Marketers usually identify niches by ________. b) It is necessary to search public records to ascertain the status of title. a) Mark can insist that the landlord lower the rent. d. the lost-for-good customer. C) loyalty status d) using a schedule of changes. Buyers and sellers experience unexploited gains from trade b. Diff: 2 c. work with a wide array of managers on strategy and coordination issues. e. none of the above. c) a misdemeanor. a) a 1 percent down payment. a) Seller b) Lender representative c) Buyer d) Closing agent. a) A borrower can reduce monthly interest rate payments over the life of the loan by getting private mortgage insurance. Which of the following statements is true of buyerpower?A. A) Step 2-segment identification Exclusive Right to Represent Buyer Agreements must have all the following characteristics EXCEPT: C. specifying provisions for an automatic renewal, D. incorporating conspicuously the commission prescribed "Description of Agent Duties and Relationships", specifying provisions for an automatic renewal. A) needs-based segmentation 6) Buyers Jim and Jan are closing on a home later this month. d) He has given notice of vacating. Answer: B D) buyer D) personal characteristics e. Only (a) and (b). d) states that a lawyer can rescind the contract terms within 10 days of contract approval. _____ illuminates exactly what activities are associated with serving a particular customer and how these activities are linked to revenues and the consumption of resources. D. Since buyer didn't have agent, it's his responsibility to check about fences. create, study and share online flash cards.
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